Diving deep into Houston’s real estate market for this October.
In this month’s update on the Houston real estate market, I’ll delve into the latest trends and data for October. Following the patterns observed in September and the preceding months, there are some key changes to note.
The total property sales in Houston have slightly decreased, while active listings have seen a small increase. Notably, the single-family pending sales index has risen, up 11% compared to October of last year. This indicates a continued interest in the housing market despite the changes.
A deeper dive into the numbers reveals that the average days on the market for properties in October was 47 days, a noticeable increase from 23 days a year earlier. Furthermore, the inventory levels are at 3.6 months, up from 2.8 months the previous year, marking the greatest supply we’ve seen in four years.
Interestingly, sales of properties priced at $1 million and above have surged by 21% compared to October 2022. This trend suggests that buyers in this segment are less deterred by high interest rates and are more motivated by the value and negotiation opportunities available in the current market.
It’s crucial to remember that all real estate is local. For instance, in Fort Bend County, there are approximately 4,300 active listings with 2.6 months of inventory based on the past year’s sales data. In contrast, Galveston County has around 4,100 active listings but a higher inventory period of 5.5 months. These variations highlight the need to analyze the market on a more localized basis.
The Houston real estate market is dynamic and constantly evolving. If you have any questions about the current market or need assistance, please don’t hesitate to call or email. Have a joyful Thanksgiving holiday! I look forward to connecting with you soon.